If you can bend it, it's probably severely bruised and the pain will diminish within a day or two.
If you bruise under the nail (forms a blood blister), you might lose the nail, but it'll grow back in a month or two.
If it's broken, bending it (walking on it) is going to hurt - a lot - wearing shoes with flexible soles or pinched toes is going to be agony - and the pain is going to last longer than a few days (it takes 8 weeks for most adults to heal broken bones) and even after it heals you'll most likely be able to tell when the weather is going to change for the rest of your life.
Keep it up, ice it on and off to keep the swelling down.
I'd wait a day or so before taping it to see if it gets better shortly.
If it still hurts a lot after 24 hrs, tape it up and prepare for a longer healing time.